Mapletree Commercial Trust posts higher Q4 DPU

SINGAPORE - Strong performance from some portfolio assets boosted distribution per unit (DPU) for Mapletree Commercial Trust (MCT) in the fourth quarter.

DPU for the three months ended March 31 was 2.26 Singapore cents, up by 11.9 per cent from 2.02 cents recorded a year before, trust manager Mapletree Commercial Trust Management said on Tuesday (April 25)

This brought DPU for the full year to 8.62 cents, which is 6 per cent higher than the previous year.

Fourth quarter net property income rose 51.2 per cent year-on-year to S$83.2 million, while revenue surged 47.3 per cent to S$107.5 million.

Income available for distribution climbed to about S$64.6 million in the fourth quarter, up by 50.4 per cent from the corresponding period a year ago.

MCT trust manager attributed the better performance to the accretive acquisition of Mapletree Business City I, as well as positive contributions from VivoCity, Mapletree Anson and PSA Building.

For the full year, MCT booked a 32.4 per cent year-on-year increase in net property income at S$292.3 million, with gross revenue of S$377.7 million, which was 31.3 per cent higher than the previous year.

The counter closed 1.5 cents higher to S$1.57 on Tuesday before the earnings were announced.